I first bumped into M-Pesa after I landed at Gemalto after the Serverside acquisition. M-Pesa (M for mobile, pesa is Swahili for money) is a mobile-phone based money transfer and microfinancing service founded by Safaricom and Vodacom, the largest mobile network operators in Kenya and Tanzania. It is now the most developed mobile payment system in the world, M-Pesa allows users with a national ID card or passport to deposit, withdraw, and transfer money easily with a mobile device.
M-Pesa empowers the unbanked and under-banked sections of the population gain access to financial services through the mobile phone. Abdhesh Kumar Singh said said, "Today, less than 5 percent of villages in India have a banking outlet. Financial inclusion is a national priority and we believe that with 'M-Pesa', we now have the ideal offering to facilitate the same across the country in compliance with all applicable regulations."